Philippines eyes to attract renewable energy investments through APEC hosting

LAPU-LAPU CITY, Cebu, Oct. 12 (PNA) -- With the goal to triple renewable energy-based capacity by 2030, the Philippines will take advantage of its Asia Pacific Economic Cooperation (APEC) hosting to promote renewable energy investments here.

Department of Energy (DOE) Undersecretary Loreta Ayson, in a press briefing to kick off the 12th APEC Energy Ministers’ Meeting (EMM) here, said the Philippines will convey to other APEC member economies the opportunities in the renewable energy sector in the country.

She said the government has a demand for renewable energy investments as it targets to increase the share of renewable energy in the country.

“We are pushing for renewable energy,” Ayson said.

She added that the DOE is working on for a fuel mix policy targeting for energy resources diversification.

Under the policy, the government aims share of renewable energy to be one-third of the total fuel mix, the DOE official mentioned.

She also noted that the government pushes to triple renewable energy capacity by 2030 to 15,300 megawatts from 5,400-MW level in 2010.

Ayson said the country is on track of this target as the DOE has approved 682 service contracts with a total capacity of more than 13,000 MW.

“This means they should do predevelopment activities (and get) lot of permits and clearances. At the point they proven that the resources are to be economically, technically feasible, then we can concede,” she added.

Ayson said that this target is in line with APEC’s goal of doubling the share of renewable energy in the region.

She mentioned that the government continues to promote investments in renewable energy in the country through providing fiscal and non-fiscal incentives and investment promotion activities.

“Through this APEC, we are also able to articulate to investors along this area or in this field, so that they are also aware, for the richer economies or developed economies, be informed that we need these investments for energy,” she said. (PNA)

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